VTB Bank agrees to fund 128 billion rubles worth of initiatives in the tourism industry
Fresh Take on Tourism Expansion in Russia
In a move to supercharge the tourism industry, the Russian government unveiled a hospitality-focused national project in 2021, under President Vladimir Putin's leadership. Dubbed the "Tourism and Hospitality Industry," this project aims to spur growth and modernize tourism infrastructure across the nation.
This ambitious undertaking tackles various facets of the sector, from expanding and upgrading tourism infrastructure to developing industry standards, promoting domestic and international tourism products, and addressing workforce skills gaps. To gauge progress and gather feedback, key events such as the International Travel Forum "Travel!" are regularly convened, serving as a hotbed for strategic discussions on topics like infrastructure modernization, digitalization, and youth workforce development in tourism [2].
The project's ultimate goal is to significantly boost domestic and inbound tourism, with projections of daily travel within Russia increasing more than 1.5 times by 2030. In recent years, this aspirational target has been bolstered by the implementation of visa-free regimes and the expansion of direct flights, leading to a 15% surge in inbound tourism [3][5]. By 2025, the number of foreign tourists is anticipated to increase by up to 20%, potentially attracting up to six million visitors [3][5].
Complementing these objectives, the government has established a subsidized loan program for tourism projects. Designed to foster investment in accommodation facilities, transport, and ancillary tourism infrastructure, this initiative offers loans at favorable terms, bridging the gap between investors, developers, and experts in the hotel management arena [1]. These subsidized loans not only encourage investment but also indirectly propel advancements in vocational training, thus reducing staff turnover in the hospitality sector [1].
This subsidized loan program aligns with the strategic goals of the national project, promoting the development of quality tourism products and strengthening the economic potential of regions [2]. The program was officially announced by VTB's Deputy Chairman, Ruslan Eremeko, at the St. Petersburg International Economic Forum in 2025 [4].
In essence, the National Project "Tourism and Hospitality Industry" serves as a catalyst for comprehensive growth in Russia's tourism sector, targeting both the quantity and quality of facilities and services. The subsidized loan program represents a crucial initiative aimed at stimulating investment, professional expertise, and capacity building, thereby driving the realization of the project's objectives [2][3][1].
The National Project "Tourism and Hospitality Industry" aims to modernize the finance sector by offering subsidized loans for tourism projects, encouraging investment in accommodation facilities, transport, and ancillary infrastructure. By bolstering the business sector through this loan program, the intent is to attract foreign investments and increase the lifestyle sector through an projected increase in domestic and inbound travel. This expansion in the tourism industry will not only cater to the finance aspects but also focus on workforce development and vocational training.
